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An expanding healthy snack bar and flapjack maker in North Wales is set to create 60 jobs after being acquired by a venture capital firm.

Bridges Ventures has taken a controlling stake in Wholebake, which employs 104 staff in Corwen and Wrexham. It will provide additional funding to support ongoing growth and new capacity and will create at least 60 new jobs over the next five years in an area of high unemployment.

Founded in 1996, Wholebake will continue to be led by chief executive Mark Gould and operations director Richard Shaw, who took over in 2011 with the backing of Finance Wales. Since then they have successfully grown it from £4m in 2011 to over £11m of sales to March 2014.

Wholebake manufactures and markets its 9bar brand, as well as co-packing for other growing brands.

Mark Gould said: “Healthy snacking is an exciting market, which we expect to continue to develop rapidly in the UK and internationally.

“We are excited by the opportunity of working with Oliver and the whole Bridges team to fulfil the potential we see in our business. Healthy snacking is an exciting market, which we expect to continue to develop rapidly in the UK and overseas.”

Mark Gould, managing director of Wholebake, Corwen.

Bridges said it identified Wholebake as an ideal investment for its fund with the potential to deliver strong returns for investors as well as impact, through significant job creation and by supporting the growth of the healthier snacking sector.

Oliver Wyncoll of Bridges Sustainable Growth Funds, said: “We have been impressed by Mark, his team and the quality of Wholebake’s products. These natural products are bang on trend with consumer demand for great tasting, higher protein, gluten-free snacking. With our investment, we hope to widen the strong and loyal following that 9bar has developed and open-up new sales channels which will create many new jobs in North Wales.”

Bridges has also strengthened the management team, with the appointment of Jaclyn Kelly as CFO and Peter Farquhar as a Non-Executive Director.

The Bridges investment provides a full exit for Finance Wales.

Jerry Mobbs, Deputy Fund Manager at Finance Wales said: “A package of debt and equity investment from Finance Wales helped Mark and Richard fund their MBO of Wholebake in 2011 and they’ve successfully grown the business since they took the helm.

“Wholebake’s profits have more than doubled and they’ve also more than tripled their workforce in Corwen as they’ve expanded Wholebake’s own-brand and contract-manufacturing operations.

“This is a real success story, demonstrating the difference Finance Wales’ backing can make and we hope it continues to go from strength to strength, creating more Welsh jobs.”